Pictured from left: Ambassaor, Mikael Barfod, Head of Delegation, Barbados and Eastern Caribbean for the European Union; Pamela Coke-Hamilton, Executive Director, Caribbean Export; Ambassador Colin Murdoch, Chairperson, Caribbean Export; Senator the Honourable Maxine McClean, Minister of Foreign Affairs and Foreign Trade, Barbados
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Bridgetown,
BARBADOS - The Caribbean Export Development Agency
(Caribbean Export) in conjunction with the implementing partners CARICOM
Secretariat and the Ministry of Industry and Commerce of the Dominican Republic
(DICOEX) have been awarded responsibility for the implementation of a
3.2million Euro programme by the
European Union towards the implementation of the 10th EDF Services
Sector Component. Implementation of the
services component will be a collaborative effort between the Agency and
implementing partners CARICOM Secretariat and DICOEX.
“
The
services component of the EPA represents one of the concrete ways that
Caribbean businesses and entrepreneurs could reap tangible, economic
benefits. The services sectors in most
CARIFORUM countries is a significant contributor to GDP, accounting for more
than 50% of GDP in most cases and over 60% for the OECS member states”
informed Ambassador Michael Barfod, Head of Delegation to Barbados and the
Eastern Caribbean for the European Union during his remarks at the cheque hand-
over ceremony to a room filled with regional stakeholders, who were gathered
for an ACP consultation meeting also hosted by Caribbean Export.
In most CARIFORUM States, trade is increasingly driven by services
exports.
However, due to
inadequate policies and regulatory regimes for the services sector CARIFORUM
States are severely constrained in their ability to take advantage of the
numerous trade agreements such as the Economic Partnership Agreement (EPA), and
the opportunities that exist for long term economic development.
In
addition regional and national support organisations have insufficient capacity
and lack the coordination to effectively assist services suppliers or even
consumers to take full advantage of the EPA.
It has been recognised that there are also critical data gaps in
services statics for planning and marketing analysis that are needed to
effectively plan and implement strategies for growth and market penetration in
the services sectors.
The 10th EDF Services Sector programme will address these issues specifically
through; the development of a policy and regulatory framework to support the
CARIFORUM services sector; building capacity of national and regional services
support organisations such as Coalition
of Services and Chamber Commerces; and improvement of the mechanisms for the
collection and dissemination of data and statistics.
The programme, whilst
supporting the development of the services sector world also facilitates the
beneficial integration of the CARIFORUM States into the world economy.
“
We all recognise the increasingly important
role which the services sector plays in our economic development” stated
Senator, the Honourable, Maxine McClean.
“
Some of us have been reaping
success in this area for example the financial services sector has become the
second largest contributor to GDP in the Caribbean. Expansion of investment in this area has
served to deepen linkages with the agricultural, manufacturing and alternative
energy sectors. The contribution of this
relationship has been truly outstanding.
It continues to generate employment and much needed revenue which augurs
well with the creation of a sound economic base”.
The programme will cover at least the, professional, financial,
education, health and wellness, tourism, cultural entertainment and sport, and
ICT services sectors with the objective of ultimately improving the
competitiveness of CARIFORUM Services Suppliers and promoting improved access
to regional and international markets.
“
The Creative Industries have emerged
as a key growth sector in the Caribbean economy through its contribution to
GDP, exports, and employment, as well as its impact on destination and
intellectual property branding” expressed Executive Director Pamela-Coke-Hamilton. “
In light of the great importance that the
services sector plays in the region, we are pleased that Caribbean Export will
play a role in the implementation of the 10th EDF Services Sector Component. In
collaboration with our implementing partners, the CARICOM Secretariat and the
Ministry of Industry and Commerce of the Dominican Republic (DICOEX), our
intention is that the end result of this programme will enhance the
competitiveness of CARIFORUM service suppliers and create an optimum business environment
for services”.